Fitch rates KGI bonds A+(twn)

Fitch Ratings said it affirmed KGI Securities Co. Ltd. ratings at long-term foreign-currency issuer default BBB, short-term foreign-currency issuer default F3, national long-term A+(twn), national short-term F1(twn), individual C, support 5 and no floor.

Fitch also assigned a final rating of A+(twn) to the issuer's senior unsecured bonds issued in July.

The outlook on the long-term foreign-currency issuer default and national long-term ratings remains stable.

The ratings reflect KGI's improved revenue diversity, brokerage operating efficiency, relatively sophisticated risk management and adequate liquidity and capitalization, Fitch said.

The ratings also incorporate the potential for volatility in the company's revenue and profit streams as well as its limitations of franchise and funding compared with its peers, the agency said.

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